Axis Bank reported its financial performance for the quarter ending September 30, 2024 (Q2 FY24), showing strong year-on-year (YoY) growth in both net profit and income. The bank’s net profit for the quarter surged by 18.9% to Rs 7,408.90 crore, compared to Rs 6,217.68 crore in the same period last year. Meanwhile, the bank’s total revenue (total income) saw a 16.3% increase, reaching Rs 39,203.77 crore from Rs 33,722.23 crore in Q2 FY23.
Key Highlights:
- Total Income (YoY):
- Q2 FY24: Rs 39,203.77 crore
- Q2 FY23: Rs 33,722.23 crore
- YoY Growth: 16.3%
- Net Profit (YoY):
- Q2 FY24: Rs 7,408.90 crore
- Q2 FY23: Rs 6,217.68 crore
- YoY Growth: 18.9%
Breakdown of Key Metrics:
- Interest earned:
- Q2 FY24: Rs 31,601.05 crore
- Q2 FY23: Rs 27,417.53 crore
- YoY Growth: 15.2%
- Other income:
- Q2 FY24: Rs 7,602.72 crore
- Q2 FY23: Rs 5,704.70 crore
- YoY Growth: 33.3%
- Interest expended:
- Q2 FY24: Rs 17,614.92 crore
- Q2 FY23: Rs 14,748.97 crore
- YoY Growth: 19.4%
- Operating expenses:
- Q2 FY24: Rs 10,136.98 crore
- Q2 FY23: Rs 9,207.30 crore
- YoY Growth: 10.1%
Earnings per Share (EPS):
- Basic EPS for Q2 FY24 stood at Rs 23.94, compared to Rs 20.84 in the corresponding quarter last year, indicating a healthy growth in shareholder returns.
Conclusion:
Axis Bank’s robust performance in Q2 FY24 demonstrates its continued growth trajectory, with solid increases in both income and net profit. The bank’s strong income generation, coupled with effective cost management, has helped it maintain its profitability in a competitive banking landscape.
Disclaimer: The information provided is for informational purposes only and should not be construed as financial advice. Readers are advised to consult their financial advisor before making any investment decisions.
